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Tag: Counterfeit Currency Notes

The Mumbai City Crime Branch arrested a 37-year-old man with (FICN) fake Indian currency notes worth Rs 28,850. The police alerted that counterfeits are now being produced in lower denominations like Rs 200 and Rs 50.

The suspect has been identified as Jayesh Khaire, a resident of MHB Colony in Borivali East. The man was caught after responding to a lead that a man carrying counterfeit notes would come to the Charkop Market after which the Crime Branch of Kandivali Unit reached the spot.

One of the Crime Branch officers said that after searching the person he found fake notes of the value of Rs 28,850 along with two mobile phones, a PAN card and Aadhar card. The police have found two notes of Rs 2000 denomination, 20 notes of Rs 500 denomination, 15 notes of Rs 200 denomination, two notes of Rs 100 denomination and 33 notes of Rs 50 denomination.

The investigating officer said that after prolonged questioning Khaire confessed to his crime. This is a worrying situation as counterfeiters earlier used to pump in high denomination notes in India markets but now, they have begun pumping low denomination notes as well. He also said that they are also analysing his mobile phones.

Meanwhile, the police have booked cases under Indian Penal code sections 489A (counterfeiting currency-notes or bank-notes), 489B (using as genuine, forged or counterfeit currency-notes or bank-notes) and 489C (possession of forged or counterfeit currency-notes or bank-notes) were registered at Charkop police station.

Despite the move of demonetisation counterfeiting of currency is not getting under control. There have been reports of fake currency coming from different corners of the country. Recently, Madhya Pradesh police has seized notes of Rs 2000 which summed up to an amount of Rs 80,000.

Police has said that it was tough to distinguish between fake and original products and the counterfeiters belong to Bangladesh. The accused has been identified as a resident of Morena and was caught while buying items with fake currency. The accused was chased and caught, he had notes valuing up to Rs 80,000. Upon further interrogation, the accused revealed that he used to buy fake notes from a person in West Bengal and later came to areas around Gwalior to use the counterfeit currency.

Sources reveal that the features that were copied this time include the watermark, Ashoka Pillar emblem, the guarantee clause, RBI’s governor signature and a denomination number in Devanagari. After demonetisation, this is the second major confiscation. Earlier in 2017 fake notes of Rs 2000 were incorporated with 16 security features of the new currency. The currency was detected due to the pink hue and poor paper quality.

According to central investigation agency officials earlier the FICN (Fake Indian Currency Note) was circulated through Pakistan but now it has found a new base in Bangladesh. Police says that this time counterfeiters have targeted Rs 2000 notes due to their higher circulation compared to Rs 500 notes.